TOPLEY'S TOP 10

.

1. SpaceX vs. Entire IPO Market 1999

.

2. Mega Cap Credit Default Swaps Rising

.

3. Anthropic Spend in the Future

.

4. Anthropic’s Cash Pile

.

5. 5 of the Mag 7 in Double-Digit Drawdowns

.

6. Google Chart -30% from Highs… Pulls Right Back to March 2026 Lows… Now -10% in 2026

.

7. Historical Performance of Consumer Staples After Outperforming by 10% in One Month

Over the last month, staples have outperformed the market by more than 10%, something that has occurred only a handful of other times, many of which preceded market declines. Previous “flight-to-safety” events like this occurred during the dot com bubble, the Great Financial Crisis, and the 2022 bear market. In general, market returns have been muted following such instances, with the S&P 500 averaging a return of only 5% one year later. More concerning, those returns were negative most of the time, with the median return coming in at negative 5%.

.

8. Brazil One-Day Election Collapse: A Sample of Why LatAm Funds Have Closed Over the Last 10 Years

.

9. New Construction Homes Cheaper than Existing for the First Time Ever

.

10. This Is No Social Crisis

By Bruce Gilley, The Wall Street Journal

Constant warnings of collapse desensitize us to real dangers.

A student asks his professor to name the main eras of modern world history. The professor replies: “Modern history can be divided into the political crisis followed by the economic crisis with a period in between that we call the social crisis.”

It’s an old joke, told most often about the French, but the idea of crisis in everything, everywhere, all at once is so pervasive that it seems we have become a humorless parody of ourselves.

I play a game with my morning newspaper to see how many crises make it onto the front page every day. The climate crisis is a reliable one for the bingo card. The artificial-intelligence crisis recently started jostling for pole position. The affordability crisis seems resilient to every phase of the economy—boom, bust, and every stage in between. The fertility crisis, the Middle East crisis, the migrant crisis, the healthcare crisis, the housing crisis, the fiscal crisis, the youth crisis, the education crisis, the democracy crisis. Apparently there is also a helium crisis. Need I say more?

So let’s bring some calm to all this crisis talk.

“Crisis” comes from the Latin word “to decide” and is used to mean a “decision point” or a “turning point” for the worse in some process. A crisis is the point at which the collapse of a system shifts from being far-off and low-probability to imminent and high-probability.

What’s important about such a “crisis” is that it is the turning point when we see the system begin to collapse and when remedies become unlikely.

How many of our contemporary “crises” fit this description? None, by my count. Choose any of the situations above, and system collapse remains remote and improbable, usually either because of actions already taken or because the problem is slow-developing.

So why all the crisis talk? People who study human responses to risks note that the ones that announce themselves loudly tend to get the most attention. So crisis talk is intended to boost a signal. The problem is that when signals become too loud and numerous, they turn into noise. Our senses are dulled by an excessive number of “crisis” claims that don’t pan out. We used to be told that anti-ballistic-missile systems would lead to nuclear war and that world population growth would cause mass starvation. Watch this space for the AI-crisis talk to prove equally baseless. Crisis talk can also create a sense of despair that prevents action.

Put another way, the biggest crisis in human society today may be that we think everything is a crisis. By using the word to excess, politicians, journalists and activists numb the human response to actual threats that require our attention.

So here’s a challenge to anyone who is part of the crisis hyperbole class: impose a moratorium on your use of the word for a month and see how it feels. We may find our world less frightening, and we’ll be more likely to thrive.

Mr. Gilley is a professor of politics and global affairs at Portland State University.

.

Did someone forward this email to you? Get your own:

Disclosure

Lansing Street Advisors LLC is a registered investment adviser with the U.S. Securities and Exchange Commission (CRD #306882). You can read more about the Lansing team at www.lansingadv.com.

To the extent that content includes references to securities, those references do not constitute an offer or solicitation to buy, sell or hold such security as information is provided for educational purposes only. Articles should not be considered investment advice and the information contained within should not be relied upon in assessing whether to invest in any securities or asset classes mentioned. Articles have been prepared without regard to the individual financial circumstances and objectives of the persons who receive it. Securities discussed may not be suitable for all investors.

Please keep in mind that a company's past financial performance, including the performance of its share price, does not guarantee future results.

Material compiled by Lansing Street Advisors is based on publicly available data at the time of compilation. Lansing Street Advisors makes no warranties or representations of any kind relating to the accuracy, completeness or timeliness of the data and shall not have liability for any damages of any kind relating to the use of such data.

Material for market review represents an assessment of the market environment at a specific point in time and is not intended to be a forecast of future events or guarantee of future results.

Indices that may be included herein are unmanaged indices and one cannot directly invest in an index. Index returns do not reflect the impact of any management fees, transaction costs or expenses. The index information included herein is for illustrative purposes only.

The trademarks and service marks contained herein are the property of their respective owners.

The information presented is for educational purposes only and is not intended to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and, unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.

Lansing Street Advisors may discuss and display charts, graphs, formulas which are not intended to be used by themselves to determine which securities to buy or sell, or when to buy or sell them. Such charts and graphs offer limited information and should not be used on their own to make investment decisions.